Is Private Banking worth it?

rh1 said:
With STD Bank. Last year I had a great pvt banker. Got things done. This year I got a new banker, ask him to do simple request. No response, followed up with him, he reply that I could just do it at a branch.
Click to expand...

My current issue :(
Previous banker was amazing and actually saved me money with some suggestions. New one is
 
FNB made zero difference with rates in my experience (would have gotten the same on Gold), so I regard improved rates as a myth
 
I moved from Fnb to standard bank because they gave me a better rate on my new bond and a precondition to get an additional 0.5percent discount on the bond interest was that I move to standard bank.
Everything was taken care by the private banker.
But thats it. I have been with standard bank private banking for 2 months and I am not impressed. The private banker got the address wrong so delayed the card delivery. Doesnt reply to my messages. So I have to call the call center anyway.
I am just waiting for bond payout and then will downgrade .
 
On private , costs a bit ,particularly now that I travel a lot less so the lounge access which was a major asset is not used as much but I also negotiated my CC down to a very very low rate which negates a lot of the cost. Once settled may shift my main account.
 
If you can, Investec is great. More than 2% lower on my home loan vs FNB and great service. The rewards system is super simple, i.e. spend money, get points. Personally I dislike the complicated FNB and Discovery systems where you need to jump through a lot of hoops.
 
Until you walk past a Capitec atm and see the line.
 
I've been with Investec since 2009. I have contemplated moving banks a few times when i compared fees (Investec currently R535). But the service is brilliant. I have 2 cars and my home financed there. Investec waives the monthly admin fee on finance agreements, so that is almost half the monthly fee saved already. Both cars are at prime less half. When we financed my wife's car the best rate she could get with FNB was prime plus 2, so I financed with Investec.
 
Chingha said:
Been with them for years, never used an ATM. Just draw cash at the till at PnP or Checkers, R1.60 flat rate IIRC.
Click to expand...
So much effort. You guys are holding up the queue in grocery stores. I want to die when the person ahead of me wants to draw cash because there is always something that makes it take longer than the 10 seconds it should.
 
supersunbird said:
Do you do ATM withdrawals often? And insist on using the Capitec ATM because it is R2.25 cheaper than the other ATMs?
Click to expand...
I think you quoted the wrong post as I am not a Capitec client.

I only Withdraw cash once a month routinely. Any other withdrawal is on a needs basis. When I do I can go wherever.
 
Pho3nix said:
Previous banker was amazing and actually saved me money with some suggestions. New one is
emoji1418.png
Click to expand...
Not all private banking is equal and neither are all private bankers tbh.
 
quovadis said:
Not all private banking is equal and neither are all private bankers tbh.
Click to expand...

I'm looking for consistent service. Anything over R200 in monthly fee's should be mostly decent. Anything over R450 shouldn't ever give me an issue and service should be amazing
 
Pho3nix said:
I'm looking for consistent service. Anything over R200 in monthly fee's should be mostly decent. Anything over R450 shouldn't ever give me an issue and service should be amazing
Click to expand...
Most private banking these days though just seems to be retail banking with a dedicated resource who is supposed to service you directly - in reality they're just being a postbox with better interest rates as a retention mechanism.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X